RINL achieves positive EBITDA of Rs 1,400 cr in FY20-21

Visakhapatnam: Despite the challenges posed by the pandemic, Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant has achieved positive EBITDA of Rs 1,400 crore during 2020-21.

The 39th annual general meeting of the company to review performance for the financial year was held at its registered at the administrative building here on Thursday.

For the year as a whole, the company could achieve a positive EBITDA Rs 1,400 crore as against negative EBITDA of Rs 1,499 crore in the previous year. The shareholders were informed that in spite of the impact of Covid-19 during the year under review, the company achieved a sales turnover of Rs 17,980 crore with a growth of 14 per cent over the previous year.

The inventory of steel could be reduced by 0.290 Mt during the year by increasing the exports to 1.308 Mt from 0.497 Mt in the previous year. The techno-economic parameters during the year were affected due to curtailed operations. However, the company achieved improvement in two major areas of cost, iron ore and coal.

The usage of iron ore slimes as a replacement of iron ore fines was increased to 24 per cent from 9 per cent in the previous year. The pulverised coal Injection was increased to 98.2 Kg/tHM from 97.2 Kg/tHM in the previous year.